If the PDF of the ARC is DRM free have you tried just reading it as a PDF on the Kindle and not converting it (landscape mode usually works best IMO).
The best way I've found to convert a PDF to any other format is to use Acrobat Pro to export to HTML and then clean it up in Sigil and make an ePub (on rare occasion I've gotten better HTML using Mobipocket Creator). Then convert the ePub using either Calibre or Kindle Previewer (Kindle/prcgen). Depending on the PDF it can be quite a bit of work and not always worth it if it's just a book you read once and discard.
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